Shiba Inu Price Forecast: SHIB Under Pressure as Bears Tighten Grip Eyeing $0.0000066

Highlights:

• The Shiba Inu price is under pressure, currently exchanging hands at $0.0000071 as the crypto market tumbles.
• The SHIB Social Dominance has declined, as the funding rate flips negative, cementing the bearish grip.
• The technical outlook shows intense bearish momentum, as the bears target $0.0000066 zone.

The Shiba Inu price (SHIB) is under pressure, as it is trading at 0.0000071 on Wednesday, as bears still rule the wider crypto market. On-chain and derivatives data also reinforce the negative mood, and technical analysis shows the bears targeting $0.0000066 zone.

The Social Dominance of Shiba Inu, according to Santiment, is also bearish. The index measures the ratio of SHIB-related discussions in the cryptocurrency realm. It has continued to fall as of mid-November, with results of 0.032%. The fall implies the loss of interest in the market and the decline in the mood of SHIB investors.

On the derivatives data, the OI-Weighted funding rate is painting a cautious picture, as it sits in the negative area. Currently, it is at -0.0013%, which indicates a decline in investor involvement.

Moreover, Coinglass data shows a long-to-short ratio of SHIB at 0.938. The fact that the ratio is less than one indicates the bearish mood in the market, with more traders betting on the Shiba Inu price to decrease.

Shiba Inu Price Risks Further Downside to $0.0000066

The Shiba Inu price chart shows the coin is struggling to recover from a quick drop below key zones. It is trading just above the lower trendline of the falling triangle, with the 50-day Simple Moving Average (SMA) at $0.0000084 acting as an overhead resistance. Moreover, the 200-day SMA at $0.000011 is now possibly a ceiling if the price tries to bounce up.

Short-term support is found near $0.0000069, where buyers last stepped in. The chart shows a major resistance band between $0.0000084 and $0.000011. If the meme coin manages to climb above the moving averages, there is a chance for a move back towards $0.000012 or even the $0.000014 region, which is a key psychological level for traders.​

Right now, technical indicators are bearish. The Relative Strength Index (RSI) reads 34.09, which is low and suggests the market is oversold. This means a short-term rebound could happen if buyers return with confidence in the SHIB market. However, sellers are still in control, reinforced by the MACD indicator, which is flat and negative, showing little momentum for an upward push.

Looking ahead, if Shiba Inu price drops below $0.0000069 support, a test of the $0.0000066-$0.0000062 region is likely. On the upside, clearing resistance at $0.0000085 could let the meme coin price react positively. This will rekindle a bullish move towards $0.000011 level, where the next resistance lies.

The Shiba Inu price faces short-term headwinds, as the technical indicators and derivatives market indicate a bearish movement. Moreover, the wider crypto market is also bearish, led by Bitcoin, which has plunged towards $87,000 level. For now, it is a wait-and-see game, as the headwinds intensify across the market.